Buying shares of SCPI in dismemberment is one of the modes of acquisition of SCPI, with the purchase in cash or the mortgage. Without going into the details of dismemberment, it is a question of separating the usufruct and the bare ownership. Briefly, with the dismembered SCPIs, the usufructuary will therefore collect the rents linked to his investment, while the bare owner will be, de facto, the only real owner of the shares. The dismembered SCPI system offers investors a formidable management tool for their assets, combined with a clever framework, if used in a global approach. Moreover, it is a mechanism that is easy to understand, secure and decorrelated from the financial markets.
Interest at the heritage level
Most of the time, the dismemberment is considered in the light of the sole bare owner. Indeed, the growing interest of investors for this method of acquisition, perceived until recently as relatively atypical, makes it possible to skilfully circumvent taxation on real estate income, which is sometimes confiscatory, especially for the most heavily taxed taxpayers. .
Recall that the bare owner in SCPI has, most of the time, for main objective, to continue to build up a real estate heritage with a discount, then to collect additional income at the end of the dismemberment. During the separation of rights, the bare owner does not receive any property income and therefore does not pay any charges, any more than tax…or IFI.
The main people concerned by the acquisition of SCPI shares in bare ownership are naturally highly taxed taxpayers who do not need additional income in the short and medium term.
The advantages, here, are clearly identified with the objective for the investor to drastically reduce his taxes relating to his other property income, in particular if he uses credit with the possibility of charging interest on loans on the latter. .
Interest at the estate level
Dismembered SCPIs also have an interest in terms of inheritance. Indeed, the life split offers the partner the possibility of separating usufruct and bare ownership upstream in order to anticipate and optimize the transmission of part of his heritage. The values of the usufruct and the bare ownership are determined according to the legal scale, that is to say according to the age of the usufructuary. As we can clearly see here, the objective is twofold: to obtain additional income and to anticipate its transmission, or even to protect the surviving spouse.
The bare ownership can therefore be devolved to the heirs thanks to the allowances provided by the tax authorities via the manual donation and the allowance for donation and inheritance. In this case, the parents generally retain the usufruct and receive the dividends from the SCPI, until their death. As a result, the bare owners recover full ownership of the shares, without costs or inheritance tax, and begin, in turn, to reap the income of the SCPI, now reconstituted in all its rights.
Many relevant investor profiles
It is sometimes thought, wrongly or at least restrictively, that only heavily taxed investors are interested in the stripping mechanism. However, other categories of savers can benefit from the advantages of this structure:
- Like young people in their thirties, already well established in working life, who do not need immediate income and who can, for example, allocate €200 or €300 each month to bare ownership shares. This, in order to postpone taxation and additional income in a few years; in short, at the most favorable time they have chosen.
- Or for people who, arriving at a more advanced age, will subscribe to SCPI shares in bare ownership, in anticipation of the date of their retirement. This, in order to make the duration of the dismemberment coincide (between 6 and 15 years for example) with a probable drop in their future income.
In addition, SCPIs dismembered via a temporary usufruct may be indicated if a parent wishes to help a child, while avoiding the risk of loss of capital. It’s a useful wealth management technique to help one of their children complete their education and guarantee them a steady stream of income over a set period of time.
Ultimately, as you will have noticed, the shares of dismembered SCPIs, thanks to their great flexibility, meet several sometimes diametrically opposed objectives, in the construction and optimization of its assets over time.